Imputed Income on Group Term Life Insurance on Paychecks Is Incorrect
(Doc ID 2918895.1)
Last updated on JANUARY 03, 2023
Applies to:PeopleSoft Enterprise HCM Human Resources - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.
Imputed income for employer-paid life insurance is calculated only on the first pay period of the month for a biweekly payroll. For 92,000 of coverage, an employee whose rate for imputed income from the IRS Rate Table is $.10/$1000 of coverage/month, the amount of imputed income on the paycheck should be $4.20 but instead is calculating as $9.10.
Steps to reproduce the issue:
1. Calculate payroll for the first pay period of the month (Navigation: Payroll for North America > Payroll Processing USA > Produce Payroll > Calculate Payroll).
2. Review the imputed income calculated for the Basic Life Insurance (Navigation: Payroll for North America > Payroll Processing USA > Produce Payroll > Review Paycheck).
To view full details, sign in with your My Oracle Support account.
Don't have a My Oracle Support account? Click to get started!
In this Document